Why Individual Life Insurance?
Your Group Life Insurance terminates when you are no longer an employee of Troup County Schools. In addition, the amounts of coverage available to you and your family are limited under the Group Insurance plan.
Employees can enroll in an Individual Life Insurance plan insured by Unum. Whole Life Insurance is available for yourself and family members. When you retire or terminate employment with Troup County, you simply pay the same premium rate direct to the company rather than on payroll deductions.
Click on the logo above for a video about Life Insurance.
Individual Whole Life Insurance
Polices are guaranteed to have premiums and death benefit to remain level. They do not change as you get older. Most financial planners agree that a well-rounded portfolio includes at least some permanent life insurance, such as Whole Life.
It Provides a level death benefit, with level premiums for the life of the contract.
Guarantee Issue and Policy Limits are below:
- Employee Coverage up to $200,000 with Guarantee Issue is $60,000 to age 80
- Spouse Coverage up to $50,000 with Conditional Issue is $25,000 to age 50
- Children/Grandchildren is $3/week Guarantee Issue with maximum $5/week
Employee and Spouse Policies can include a Long Term Care Rider
(90 day elimination period)
Living Benefit Option included. In case of a terminal illness diagnosis, policy holder can be advanced up to 100% of the death benefit while living.
Long Term Care Insurance is included as a rider on Each Whole Life policy for $10,000 or more.
Automatically included at initial offering to employees and spouses ages 18 – 70
For long term care facility, nursing home care or assisted living facility, provides a maximum monthly benefit that is the lesser of 6% of the death benefit, less any policy debt at the end of the waiting period, or $3,000
For home health care or adult day care, provides a maximum monthly benefit that is the lessor of 4% of the death benefit, less any policy debt at the end of the waiting period; your actual monthly expenses; or $1,500
Benefits are payable once you have been receiving long term care for 90 days, subject to the conditions of the rider.
Premiums are waived while you are receiving benefits.
The benefit period maximum is 100% of the death benefit, less any policy debt at the end of the waiting period for each benefit period.
The rider is tax qualified, which means that any benefits you receive will not be subject to income tax.
Contact Unum Contact Center at 800-635-5597 option 1 for get answers to questions and obtain a copy of your policy.
create an account at www.unum.com/employees
OTHER LIFE INSURANCE POLICIES- SHENANDOAH AND TRUSTMARK
In the past Troup County employees have been offered individual life insurance policies through Shenandoah Life Insurance Company and Trustmark Insurance Company. Employees currently with Shenandoah or Trustmark are encouraged to keep them.
If you have questions about your policy, or want additional information, you may contact the Insurance Company Direct at the below:
Shenandoah Life Insurance Company: 1-800-848-5433 Ext. 62059
Trustmark Worksite Customer Care: 877-201-9373.
At any time, you may also contact Houze & Associates for policy information or questions.